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USDJPY: Bears return
Ian Coleman is looking at USDJPY, suggests selling at the open and at 102.40 with a stop at 102.60.
For the third day in succession levels above 102.65 found sellers. This
resulted in the trend of five higher daily highs being broken. This downward
pressure has been established again overnight and Ian notes an
expanding wedge or ‘three drives’ pattern in the intraday chart. This pattern could offer scope
for mild gains at the open but, with bespoke resistance at 102.40, rallies
should be limited. Ian suggests profit targets of 101.85 and 101.44 with resistance levels at 102.40, 102.65 and 103.04
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01:16 minutes
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